Moody's Investors Services has assigned the 'AAA' rating to the City of Irving's general obligation bonds. Like a good credit score, receiving the superior rating allows the city to save money by receiving the lowest possible interest rates when selling bonds for capital improvement projects to support city streets, libraries, parks and overall economic development.

"Irving's leaders have worked hard to maintain service levels and even realize growth in a very difficult economy," said Councilman Joe Philipp, chairman of the council's Audit and Finance Committee. "Residents should know that Irving continues to be in the best possible financial position due to its credit rating." 

Moody's credited the city for softening the impact of reduced property values, sales taxes and franchise taxes by reducing department budgets, and holding vacant positions. Moody's noted in the report that "the city's tax base will experience modest growth over the intermediate term due to its location in the DFW metroplex." 

"The Aaa designation from Moody's is a testament to the Irving City Council and staff’s responsible financial policies and conservative investment principles," said City Manager Tommy Gonzalez. "The City of Irving will continue to identify cost-saving measures and ways to become more efficient throughout all of our departments." Irving has earned top ratings from Moody's for its general obligation bonds every year since 1996 - a claim that can only be made by a handful of cities nationwide.

"Receiving the AAA rating from Moody's is a significant achievement for Irving," said Max Duplant, chief financial officer. "This rating signifies to the Irving community that we have sound financial management and that their tax dollars are being managed well."